Folger Nolan Fleming Douglas Capital Management Inc. Lowers Holdings in Wells Fargo & Company (NYSE:WFC)

Folger Nolan Fleming Douglas Capital Management Inc. decreased its position in Wells Fargo & Company (NYSE:WFC) by 2.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 90,570 shares of the financial services provider’s stock after selling 1,993 shares during the quarter. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Wells Fargo & Company were worth $4,458,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in WFC. Fortis Group Advisors LLC bought a new stake in Wells Fargo & Company in the 3rd quarter worth approximately $25,000. Arlington Trust Co LLC bought a new stake in Wells Fargo & Company in the 4th quarter worth approximately $25,000. Leith Wheeler Investment Counsel Ltd. increased its position in shares of Wells Fargo & Company by 208.0% during the 4th quarter. Leith Wheeler Investment Counsel Ltd. now owns 528,104 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 356,620 shares during the last quarter. Tennessee Valley Asset Management Partners purchased a new stake in Wells Fargo & Company during the 4th quarter valued at $29,000. Finally, Wetzel Investment Advisors Inc. purchased a new stake in Wells Fargo & Company during the 4th quarter valued at $32,000. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

Shares of NYSE:WFC traded down $0.02 during trading on Friday, hitting $59.91. The stock had a trading volume of 18,785,900 shares, compared to its average volume of 18,078,044. The stock has a 50-day simple moving average of $56.93 and a two-hundred day simple moving average of $49.56. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $212.11 billion, a price-to-earnings ratio of 12.51, a price-to-earnings-growth ratio of 1.16 and a beta of 1.19. Wells Fargo & Company has a 12-month low of $36.40 and a 12-month high of $61.76.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.10. The company had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. Wells Fargo & Company’s quarterly revenue was up .6% on a year-over-year basis. During the same period last year, the business earned $1.23 earnings per share. On average, equities research analysts expect that Wells Fargo & Company will post 5.06 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on WFC shares. Piper Sandler decreased their price target on Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating on the stock in a report on Tuesday, January 16th. The Goldman Sachs Group increased their target price on Wells Fargo & Company from $57.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. Oppenheimer reiterated a “market perform” rating on shares of Wells Fargo & Company in a research note on Monday, April 15th. Evercore ISI increased their target price on Wells Fargo & Company from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Thursday, March 28th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $62.00 target price (up previously from $56.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 27th. Thirteen research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Wells Fargo & Company currently has an average rating of “Hold” and an average target price of $58.85.

About Wells Fargo & Company

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.